"The investment management bank will reduce its worldwide workforce of 43,000 by approximately 1,800 positions or 4 per cent," the financial services entity said in a statement on Thursday.
The Bank of New York Mellon is the latest to join the league of American companies which have announced massive job cuts in the wake of the ongoing financial turmoil.
"It has become clear that we need to take additional steps beyond our merger synergies to reduce expenses, given the current weakness in the global economy. We will take advantage of natural turnover to lessen the impact on existing staff," The Bank of NY Mellon Corp's chairman and chief executive officer Robert P Kelly said.
The company has $22.4 trillion in assets under custody and administration, about $1.1 trillion in assets under management and services $12 trillion in outstanding debt, the statement added.
The Bank of New York Mellon has operations in 34 countries.